Friday, 14 April 2017

Daily Update On Current Affairs - April 14, 2017

current affairs
Here's your daily summary of Current Affairs.

Haryana Launched Operation Durga To Ensure Women Safety

Similar to that of Uttar Pradesh’s ‘anti-Romeo squad’, the Haryana government has launched ‘Operation Durga’ to ensure women safety in the state. Under this operation, teams formed by the Chief Minister’s Flying Squad visited public places such as schools, colleges, bus stands and railway stations and caught persons indulging in criminal activities against women like eve-teasing, stalking, harassment and other such activities. Since women are hesitant to report such incidents involving anti-social elements to the Police, the campaign, ‘Operation Durga’ was launched so that flying squads patrol those areas where such anti-social elements commit most crimes against women.

CPC Of Income Tax Unit Gets A Separate Pin Code

The Department of Post has allotted a unique pin code for the Income Tax Department’s Central Processing Centre (CPC) based in Bengaluru so as to ensure that the letters and mails sent by taxpayers to the CPC are not lost or reach the centre late. The new pin code given to CPC is 560500. Earlier, the CPC was using the pin code 560100 which was marked for the entire city area of Bengaluru. The new pin code will cater exclusively to the CPC of the Income Tax department and will help in addressing the grievances of the taxpayers with respect to the issues of non-reaching of postal mails.

Jharkhand Police Launches Tare Zameen Par Programme For Under Privileged Children

Jharkhand Police has initiated Tare Zameen Par programme to enlighten children in Naxal-affected areas in the Palamau district of Jharkhand. This programme is aimed to restore confidence in the state police force and to encourage children to lead happy lives. As a part of the programme, the state police appealed the locals to donate bags, shoes, books and clothes to improve the basic amenities of the children in the Naxal-affected areas.

President Gives Approval For Four GST Bills

President Pranab Mukherjee has given assent to four supporting legislations on Goods and Services Tax (GST).  

The four legislations are: 
i. The Central GST Act, 2017
ii. The Integrated GST Act, 2017
iii. The GST (Compensation to States) Act, 2017
iv. The Union Territory GST Act, 2017

The above bills were passed in Rajya Sabha on April 6th and in Lok Sabha on 29 March. Now with the President’s assent, these bills will pave way for the roll-out of GST regime from 1 July.

India- Australia Sports Partnership Launched

India and Australia have launched India-Australia Sports Partnership (IASP) with a vision of increasing cooperation in sports. IASP was launched jointly by the visiting Australian Prime Minister Mr Malcolm Turnbull and the Union Minister for Youth Affairs & Sports Mr Vijay Goel in the presence of Sachin Tendulkar. 

Under IASP, India and Australia will cooperate in four areas: 
i. Athlete and coach training and development
ii. Sports science
iii. Sports governance and integrity
iv. Grassroots participation. 

Under the framework of the new partnership, Victoria University and the University of Canberra will help India to establish a National Sports University similar to that of the Australian Institute of Sport.

Union Cabinet Approves Setting Up Of Indian Institute Of Petroleum And Energy At Vishakhapatnam

The Union Cabinet has approved setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam, Andhra Pradesh as Institute of National Importance through an Act of Parliament. The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by Indian Institutes of Technologies (IITs). 

Key Facts:
The enactment of separate Act will impart the required status to the IIPE to become a “Centre of Excellence” in petroleum and energy studies. The Cabinet also approved Rs 655.46 crore as capital expenditure to set up IIPE and contribution of Rs 200 crore towards its Endowment Fund (in addition to a contribution of Rs 200 crore from Oil Companies). 

The objective of setting up IIPE is to meet the quantitative and qualitative gap in the supply of skilled manpower for petroleum sector and promote research activities needed for the growth of the sector. IIPE’s academic and research activities will derive strength from proximity to sector-related activities such as Visakhapatnam refinery, KG-Basin and the planned Petrochemical complex at Kakinada.

Rolls- Royce And DRDO To Tie Up

India and the UK have agreed to cooperate on developing advanced defence products such as high-end gas turbine engines and air defence missile systems and to cooperate on some aspects of aircraft carrier technology. Collaboration is underway between Rolls Royce and the DRDO on the engine technology

Government Sets Up Inter Disciplinary Committee To Examine Framework For Virtual Currencies

The Union government has constituted a time-bound inter-disciplinary committee to come up with an action plan for dealing with virtual currencies so as to fix the regulatory gaps in the existing framework governing virtual currencies. The committee is required to submit its report within three months. Need The circulation of virtual currencies, of late, has become a cause of concern. With respect to the virtual currencies, Reserve Bank of India (RBI) has also cautioned the users, holders and traders of virtual currencies about the potential financial, operational, legal, customer protection and security related risks through press releases in December 2013 and February 2017.

EPFO Subscribers To Get Loyalty Benefits

Retirement fund body EPFO's subscribers will get the loyalty-cum-life benefit of up to 50 thousand rupees at the time of retirement for contributing to the scheme for 20 years or more. The EPFO board has decided that the benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years. The board has recommended such benefits in view of a huge corpus of over 18 thousand crore rupees in the fund. At present, the dependents of the deceased get a sum assured of up to 6 lakh rupees. Currently, there is also no provision of minimum insurance and any benefit for surviving members or in cases of permanent disability under the scheme.

RBI Tightens Norms On Bank Performance

The RBI has come out with a revised prompt corrective action (PCA) framework for Banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another Bank or even shutting down of the Bank. The revised norms, effective from  April 1, 2017, has set out three thresholds. The breach of the third one on capital would identify the Bank as a likely candidate for resolution through tools like amalgamation, reconstruction, winding up etc. The framework would be renewed at the end of three years

Post Merger, SBI’s Profit To Surge In 3 Years’ Time

The head of State Bank of India, the country’s largest Bank expects a boost to the annual profit of as much as 30 billion Rupees ($465 million) in three years on cost and efficiency gains from the absorption of Associate Banks.

Exports Climb 27.6 % In March 2017

The country’s goods exports rose for the seventh consecutive month, recording a 27.6 % year on year growth in March 2017, to $29.2 billion, thanks to a low base as well as a robust performance by major sectors including petroleum products, engineering goods, gems and jewellery. This is the highest monthly growth in the last five years in exports of merchandise.

USA Hits Afghanistan With The Largest Non-Nuclear Bomb

The United States dropped a massive GBU-43 bomb, the largest non-nuclear bomb it has ever used in combat, in eastern Afghanistan on 13th April 2017 on a series of caves used by ISIS militants. Known as the “mother of all bombs”,  the GBU -43 is a 9,797 kg GPS guided ammunition and was first tested in March 2013. On the 13th April it was dropped from a MC-130 aircraft in the Achin district of Nangarhar province, close to the Pakistan border.

Justice Gita Mittal Appointed Acting Chief Justice Of Delhi High Court

Justice Gita Mittal, the senior-most judge of Delhi High Court, has been appointed as the acting Chief justice of Delhi High Court with effect from April 14. Her appointment comes at the backdrop of the retirement of current Chief justice Gorla Rohini. President of India has appointed Justice Mittal as the Chief Justice by exercising his powers conferred by article 223 of the Constitution of India

Ravi Venkatesan Made Co-Chairman Of Infosys

Infosys has announced the appointment of its Independent Director Mr Ravi Venkatesan as the Co-Chairman of the Company. Mr. Venkatesan, a former chairman of Microsoft India, has been a Director on the Board of Infosys since April 2011.

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